Off the Plan
the purchase of a property, often an apartment, before it has been completed i.e. after only having seen the plans, not the finished product.
Offer to Purchase
a legal agreement that details a specific price for the purchase of a specific property.
Offset Account
a savings account linked to your mortgage in such a way that the interest earned on your savings is applied to reduce the interest on your mortgage.
Ombudsman
the Australian Banking Industry Ombudsman (ABIO) provides an avenue through which customers can make complaints about their bank and have them dealt with independently.
Ongoing Fee
any loan maintenance fee charged regularly over the loan term.
Option to Buy
a legally binding document which gives a person, for a fee, the right to buy something usually within a specific price.
Overdraft
a pre-arranged limit to which a person can exceed an account balance.